Accounting blip and Japan summit lift the FTSE

The FTSE is trading higher led by property firms and miners and helped by a slightly more optimistic sentiment in Europe ahead of the key Trump-Xi summit in Japan this weekend.

The FTSE is trading higher led by property firms and miners and helped by a slightly more optimistic sentiment in Europe ahead of the key Trump-Xi summit in Japan this weekend. Also, through some clever revision at the Office of National Statistics Britain’s economy has just gained GBP 26 billion, a little a bit of positive news at a time when Britain’s economic growth is grinding to a halt.

House builders are the main gainers in London led by Berkeley Group which has attracted some speculative trading after a positive analysts’ note

Cable undecided ahead of the G20 meet

Sterling traders remain very, very cautious and price moves against the dollar are barely palpable. On the pound side of the equation the wait for the outcome of the Tory leadership race is preventing more serious position taking, on the dollar side the market is in a limbo ahead of the G20 meet between the Chinese and US presidents.

OPEC meeting around the corner, oil weaker

At this stage the outcome of the OPEC meeting in Vienna on Monday seems to be a done deal. Most of the major players have already indicated that the group plans to extend production cuts put in place in December and there has been no major dissenting voice among the oil producers. Still, Brent crude is a touch lower ahead of the meeting as the market has already factored further cuts into the price.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.